With Hurricane Ian strengthening, and likely to hit Florida, investors may want to consider storm-based stocks, like Generac Holdings (GNRC).
GNRC is an $11.2 billion leader in power generation equipment and other light-motor equipment for residential and industrial customers. The company is the market leader in home standby generators and the leading global manufacturer of mobile generators for industrial use.
GNRC also has a history of running higher during most hurricane seasons. For the 2019 hurricane season, GNRC ran from about $54 to $100. For 2020, it ran from about $125 to $363. In 2021, the stock ran from about $407 to $460.
At the moment, GNRC is technically oversold at support dating back to 2020.
It’s also oversold on RSI, MACD, and Williams’ %R. From a current price of $176.53, we’d like to see the stock challenge $225, near-term. Not only does this depend on the intensity of Hurricane Ian, it depends on if we see even more storms develop.